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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jul. 01, 2017
Accounting Policies [Abstract] |
Components of inventories | Inventories consisted of the following:
| July 1, 2017 |  | December 31, 2016
Raw materials and purchased parts | $ | 163,214 |  |  | $ | 143,659 |
Work-in-process | 33,543 |  |  | 27,291 |
Finished goods and manufactured goods | 225,151 |  |  | 217,125 |
Subtotal | 421,908 |  |  | 388,075 |
Less: LIFO reserve | 39,260 |  |  | 38,047 |
| $ | 382,648 |  |  | $ | 350,028 |
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen and twenty-six weeks ended July 1, 2017 and June 25, 2016, were as follows:
| Thirteen Weeks Ended |  | Twenty-six Weeks Ended
| 2017 |  | 2016 |  | 2017 |  | 2016
United States | $ | 50,773 |  |  | $ | 44,240 |  |  | $ | 86,197 |  |  | $ | 83,840 |
Foreign | 17,634 |  |  | 18,403 |  |  | 37,534 |  |  | 29,247 |
| $ | 68,407 |  |  | $ | 62,643 |  |  | $ | 123,731 |  |  | $ | 113,087 |
Schedule of components of the net periodic pension (benefit) expense | The components of the net periodic pension (benefit) expense for the thirteen and twenty-six weeks ended July 1, 2017 and June 25, 2016 were as follows:
| Thirteen Weeks Ended |  | Twenty-six Weeks Ended
Net periodic (benefit) expense: | 2017 |  | 2016 |  | 2017 |  | 2016
Interest cost | $ | 4,478 |  |  | $ | 6,659 |  |  | $ | 8,799 |  |  | $ | 13,042 |
Expected return on plan assets | (5,054 | ) |  | (6,084 | ) |  | (9,931 | ) |  | (12,083 | )
Amortization of actuarial loss | 736 |  |  | — |  |  | 1,446 |  |  | — |
Net periodic expense | $ | 160 |  |  | $ | 575 |  |  | $ | 314 |  |  | $ | 959 |
Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options | The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options for the thirteen and twenty-six weeks ended July 1, 2017 and June 25, 2016, respectively, were as follows:
| Thirteen Weeks Ended |  | Twenty-six Weeks Ended
| 2017 |  | 2016 |  | 2017 |  | 2016
Compensation expense | $ | 1,289 |  |  | $ | 1,468 |  |  | $ | 2,578 |  |  | $ | 2,959 |
Income tax benefits | 496 |  |  | 565 |  |  | 993 |  |  | 1,139 |
Valuation methodologies used for assets and liabilities measured at fair value |
|  |  | Fair Value Measurement Using:
| Carrying Value July 1, 2017 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Trading Securities | $ | 40,663 |  |  | $ | 40,663 |  |  | $ | — |  |  | $ | — |
|  |  | Fair Value Measurement Using:
| Carrying Value December 31, 2016 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Trading Securities | $ | 37,800 |  |  | $ | 37,800 |  |  | $ | — |  |  | $ | — |
Components of accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) consisted of the following at July 1, 2017 and December 31, 2016:
| Foreign Currency Translation Adjustments |  | Gain on Hedging Activities |  | Defined Benefit Pension Plan |  | Accumulated Other Comprehensive Loss
Balance at December 31, 2016 | $ | (251,228 | ) |  | $ | 7,978 |  |  | $ | (103,109 | ) |  | $ | (346,359 | )
Current-period comprehensive income (loss) | 41,599 |  |  | (1,039 | ) |  | — |  |  | 40,560 |
Balance at July 1, 2017 | $ | (209,629 | ) |  | $ | 6,939 |  |  | $ | (103,109 | ) |  | $ | (305,799 | )

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